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overview
Five Considerations for Cyber Risk Management
Risk management is a structured, consistent, and continuous risk management process applied across an entire organization that allows companies to better understand and address material risks.
The following five topics are well worth considering when developing a risk management program.
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By 2020, %60+ of digital businesses will suffer major service failures due to the inability of the IT security team to manage digital risk in newtechnology and use cases – The Gartner Group – Let’s get on a quick call
Success
Key Component to Risk Management Success
Culture
By defining a governance structure and communicating intent and expectations, leaders and managers ensure appropriate leadership involvement, accountability, and training. That last one is critical: ongoing training is required to maintain expertise and deal with new risks.
Information Sharing
Security is a team sport. The right stakeholders must be aware of risks, particularly of cross-cutting and shared risks, and be involved in decision making. Information-sharing tools, such as dashboards of relevant metrics, can keep stakeholders aware and involved.
Priorities
To prioritize risks and responses, you need information, such as trends over time, potential impact, time horizon for impact, and when a risk will likely materialize (near term, mid term, or long term). This information will enable comparisons of risks.
Resilience
Risk management must also enable continuity of critical missions during and after disruptive or destructive events, including cyber attack.
Response Speed
When an organization is exposed to a risk, speedy response can minimize impact. Identifying risks early helps.
Threat Management
Cyber security does not always pay enough attention to the threat environment. Implementing basic cyber hygiene practices is a good starting point for cyber risk management.
Benefits
The benefits of a proactive risk management approach
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